Cattle futures closed lower Friday as managed money appeared to exit positions ahead of the long weekend and in anticipation of bearish feedlot placements, which proved to be the case (see below).
Live Cattle futures closed an average of 67¢ lower, except for an average of 20¢ higher in the front two contracts. Feeder Cattle futures closed an average of $5.41 lower
Negotiated cash fed cattle trade was light on moderate demand in Kansas and Nebraska through Friday afternoon, according to the Agricultural Marketing Service. Trade was limited on moderate demand in the western Corn Belt and inactive on light demand in the Texas Panhandle. Overall, prices last week were steady to $2 lower.
FOB live prices were $260/cwt. in the Texas Panhandle, $259-$260 in Kansas, $258-$260 in Nebraska and $260 in the western Corn Belt. Dressed delivered prices were $408-$410 in Nebraska. Dressed delivered prices in the western Corn Belt the previous week were mostly $410.
Choice boxed beef cutout value was $1.21 lower Friday afternoon at $390.27/cwt. Select was 65¢ lower at $385.00. Week to week on Friday, Choice was $1.02 higher but Select was $4.25 lower.
Estimated total cattle slaughter last week of 528,000 head was 7,000 head fewer than the previous week and 48,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 10.7 million head was 1.1 million head fewer (-9.2%). Estimated year-to-date beef production of 9.6 billion pounds was 684.2 million pounds less (-6.6%).
Corn and Soybean futures closed higher Friday with short covering and positioning ahead of the holiday weekend.
Corn futures closed mostly 1¢ higher. Soybean futures closed 1¢ to 2¢ higher through Sep ‘27. Kansas City HRW Wheat futures closed 1¢ to 5¢ lower through Jly ‘27.
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